Indian Government Explores Crypto Regulation
The Indian government has invited lawyers from Nishith Desai Associates to present their suggestions for the country’s crypto regulation. They include avoiding prohibition, taking a balanced approach, options for licensing, and self-regulation for the industry. The company states that “a balanced regulatory approach should be taken to promote the various benefits of the technology and mitigate the risks”.
IBM Successfully Ends Blockchain Trial Tracking a 28-Ton Shipment of Oranges
IBM has completed a trial of blockchain technology to track a shipment of mandarin oranges from China to Singapore. The main shipping document, the bill of lading, was recorded on a blockchain. It is as a proof of ownership of goods, as a receipt of goods and a contract of the shipment, and normally it’s mailed to all parties involved in the shipment. IBM created an electronic bill of lading, or e-BL, which helped reduce and speed up administrative processes “to just one second” as the document flow is automated.
Big German Stock Exchange has Launched Cryptocurrency Trading
After a year in development, Boerse Stuttgart Group has presented the Bison app, which is now available on iOS 9+ and Android 4.4+ devices in Germany, and will allow users to trade in bitcoin (BTC), ethereum (ETH), litecoin (LTC) and XRP and fund their accounts with euros. The app launches with zero trading fees and also provides a built-in wallet for storing tokens. Users can currently only trade between 6 a.m. and midnight CET (05:00 and 23:00 UTC), though that is expected to expand later.
Crypto Market Officially in Longest Bear in History
According to a cryptocurrency technical analyst Jonny Moe, the cryptocurrency market has officially entered into its longest-ever bear market. Since late December, for more than 410 days, the cryptocurrency sector has been in a steep sell-off, unable to demonstrate momentum or break out of key resistance levels. In the last 24 hours, the crypto market slightly recovered from $111 billion to $113 billion as Bitcoin rebounded to $3,400.
South Korea Maintains ICO Ban After Finding Token Projects Broke Rules
South Korea’s top financial regulator has said it will not lift the ban on domestic initial coin offerings (ICOs) after finding that some projects have been violating rules. As ICO investment is a “high risk” activity, the Financial Services Commission (FSC) said, calling on the public to exercise caution when investing in token projects.
$1.7B in Crypto Stolen in 2018
The Q4 Cryptocurrency Anti-Money Laundering report by CipherTrace blockchain intelligence agency states criminals stole a massive $1.7 billion of cryptocurrency last year. $950 million was taken from exchanges and wallet providers. Despite Bitcoin losing 80 percent in value, there were 3.6x more hacks on exchanges than in 2017.